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April 13, 2021
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NY Pension Fund Advisor Buys 389-Unit AZ Res Property

4/05/21

Almeria at Ocotillo, a 389-unit multifamily property in Chandler, AZ, was acquired by a New York-based pension fund advisor. The property was sold by Passco Companies.

Built in two phases in 2014 and 2015, Almeria at Ocotillo is a luxury apartment community featuring Santa Barbara-style architecture and resort-style amenities, including two swimming pool areas, two full resident clubhouses, two state-of-the-art fitness centers with yoga studios, pool-side open-air dining with gas barbeques, children’s playground and splash pad, and a pet park.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented Passco in the deal. A price was not disclosed.

“This transaction is a testament to Phoenix’s strong economic fundamentals and continued population and job growth,” said Cunningham. “High quality and outperforming assets in Phoenix, like Almeria at Ocotillo, attract significant interest from investors.”

Phoenix recorded the eighth-highest rent growth out of all U.S. metros in the fourth quarter with a 4.5% year-over-year increase.




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